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LPL Financial Retains NPH Group with $4.3 Billion AUM

LPL Financial LLC, the nation’s largest independent broker-dealer, has added a group of firms within The Planners Network, which was formerly affiliated with National Planning Corporation. Collectively, the firms oversee $4.3 billion of client brokerage and advisory assets.

The Planners Network is made up of approximately 75 advisors operating primarily as single-person or small offices. The network, which was formed 18 years ago by a group of NPC advisors, is managed by a board of directors and a chief operating officer, Kären Locklin, who work on behalf of the firms in the group. David Williams serves as the current board president and is founder of Retirement Investment Specialists, a three-person office in Santa Rosa, California.

“The Planners Network is a unique collective of advisors operating with a common vision to support each other’s growth, and we believe they have done so quite successfully,” said Bill Morrissey, LPL managing director and divisional president of business development. “Our main goal has been to help Dave, the TPN board members, and advisors each identify business model options that would help to maintain their group dynamic and achieve the scale and operational efficiencies they had negotiated as a collective.”

National Planning Corporation is one of four broker-dealers in National Planning Holding’s network of broker-dealers. LPL purchased NPH in August 2017 for an initial purchase price of $325 million. LPL will make a contingent payment between $0 and $123 million in the first half of 2018, based on the level of NPH’s business that onboards onto its platform.

Last week, The DI Wire reported that LPL added Minnesota-based Discovery Financial, which was formerly affiliated with National Planning Corporation and oversees $1.1 billion in client assets.

LPL Financial is a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA) and oversees approximately $566 billion in brokerage and advisory assets as of October 31, 2017. The company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 financial advisors and 700 financial institutions.

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